The nation's third-largest hamburger chain said it does not intend to make periodic announcements regarding the strategic review, which it said could mean a possible sale, merger or other business combination. Wendy's will report developments as warranted, the company said.
"There is no specific timeframe to complete the review and there are no constraints on options to be explored by the committee," said James V. Pickett, board chairman, who will lead the committee of independent directors.
"A number of stakeholders have offered suggestions about strategies to improve performance and create additional value. The special committee will review strategic options while management continues to focus on executing Wendy's current strategic plan to revitalize the brand and improve results at every restaurant in the system."
Billionaire investor Nelson Peltz's Trian Partners, which has pushed Wendy's to make changes, received three seats on the board last year.
Wendy's also reported Wednesday that net profit fell 71 percent in its first quarter. It earned $14.7 million, or 15 cents per share, in the period ended April 1, down from $51.2 million, or 45 cents per share, in the same period a year ago, when the company was larger.